I Decided To Make My Estate Plan, What Is The Next Step?

• Published date: 18 September 2020
• Subject Matter: Family and Matrimonial, Wills/ Intestacy/ Estate Planning
• Law Firm: CLD Legal
• Author: Mr Ricardo Cambra La Duke

We are glad that you have decided to carry out a planning of your estate and you will surely be wondering where to start. In the following lines I describe some of the steps you must take in order to start your planning.

First, you have to define your goals or the goals you want to achieve. Before starting with your planning you must decide where you want to go with it, for example do you want your spouse to have enough income to live without worrying about expenses? Do you want your children to have enough funds to be able to attend college if you are not alive? Write your goals, sometimes writing can make you visualize other things that you were not contemplating and make sure that nothing is left out.

Second, you must make an inventory of all your assets and liabilities. Your assets are all the goods that have value or are capable of being valued and your liabilities are basically your debts. You must update any information that is necessary to update and determine, for example, if you have insurance policies that are expired.

Third, you must determine which professionals you are going to involve in your estate planning. For example, working with a good lawyer who will advise you on the preparation of the Regulations for the Private Interest...